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Personal Accessories in Thailand

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Executive Summary

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Inflation and decline in Chinese tourist numbers impact sales

Thailand’s relatively stable economy and continuing stream of tourists, expansion of retail branches by major chained retailers and a bright new flagship concept store are among the factors that helped personal accessories maintain stable value growth in 2018. However, volume growth slowed down in most categories.

Unanticipated events and other factors combined to bring Chinese arrivals down considerably from mid-2018 and into 2019. First in the chain of events was the catastrophic boating accident off the coast of Phuket in July 2018, which resulted in the loss of 47 Chinese tourists.

Domestic players prevalent in some categories in highly fragmented landscape

In 2018, the competitive landscape in nearly every category of personal accessories continued to be characterised by fragmentation, as Thailand hosts numerous international and local players. The only exception to the fragmentation is in watches, where the top three players – all global players – accounted for half of all value sales in 2018.

In 2019, store-based non-grocery specialists continued to account for the bulk of personal accessories purchases. Getting to see and touch a product along with the ability to verify a product’s authenticity before making a purchasing decision along with customisation and other in-store services are key reasons why consumers prefer this distribution channel.

Prospects for personal accessories are positive, despite some current challenges

Over the forecast period both value and volume growth of personal accessories is expected to be positive, as tourism from other markets will thrive, Chinese arrival numbers are likely to revive and domestic consumers will continue to spend on the wide variety of luxury and non-luxury personal accessories available to them offline and online. Value growth in all categories is set to be higher compared to review period current value CAGRs, with stronger growth attributable to the growing number of middle-class consumers with greater purchasing power together with an increase in the daily minimum wage.

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